Absci (NASDAQ:ABSI) Shares Up 6.8% – Here’s What Happened

Absci Co. (NASDAQ:ABSI)’s share price was up 6.8% on Tuesday . The stock traded as high as $4.36 and last traded at $4.63. Approximately 454,301 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 6,970,379 shares. The stock had previously closed at $4.33.

Analyst Ratings Changes

Several research analysts recently issued reports on ABSI shares. KeyCorp cut their price target on shares of Absci from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Absci in a research report on Friday, January 17th. Needham & Company LLC assumed coverage on shares of Absci in a research report on Wednesday, January 22nd. They set a “buy” rating and a $9.00 target price on the stock. Finally, Guggenheim reissued a “buy” rating and issued a $10.00 price target on shares of Absci in a report on Tuesday, December 3rd. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Absci has a consensus rating of “Buy” and a consensus target price of $8.57.

Absci Trading Up 6.1 %

The firm has a 50 day moving average price of $3.39 and a two-hundred day moving average price of $3.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The firm has a market capitalization of $527.78 million, a P/E ratio of -4.88 and a beta of 2.11.

Absci (NASDAQ:ABSI) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. The company had revenue of $1.70 million for the quarter, compared to analysts’ expectations of $1.77 million. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. On average, equities research analysts expect that Absci Co. will post -0.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers lifted its position in Absci by 4.2% during the 4th quarter. Rhumbline Advisers now owns 114,152 shares of the company’s stock valued at $299,000 after purchasing an additional 4,593 shares during the period. JPMorgan Chase & Co. grew its holdings in Absci by 14.9% during the third quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company’s stock valued at $189,000 after purchasing an additional 6,409 shares during the period. Victory Capital Management Inc. grew its holdings in Absci by 5.9% during the third quarter. Victory Capital Management Inc. now owns 150,562 shares of the company’s stock valued at $575,000 after purchasing an additional 8,388 shares during the period. PCA Investment Advisory Services Inc. acquired a new stake in Absci during the 4th quarter worth $26,000. Finally, Alpha Cubed Investments LLC acquired a new stake in Absci during the 4th quarter worth approximately $26,000. Institutional investors own 52.05% of the company’s stock.

About Absci

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.